Ethereum transaction volume in August exceeded $24 billion

The second-largest cryptocurrency surpassed July’s record for transaction volume and crossed the $24 billion mark in August, according to data from analytics platform DappRadar.

August 2020: @ethereum

— Transaction volume surpassed $24B.

— #Ethereum transaction volumes account for 94% of total transaction volumes in August.

— #DeFi and #DEX #dapps played a vital role there. Both grew by $9B in August.

Read more: https://t.co/EQca7GMVbU pic.twitter.com/tpAf1lceEF

— DappRadar (@DappRadar) September 8, 2020

The decentralized finance market also played a significant role in this surge. The transaction volumes of DeFi apps and DEXs rose by $9 billion each last month.

The Uniswap v2 exchange rose to $5.4 billion in transaction volumes, Curve rose to $4.9 billion, and the lending protocol Aave rose to $3.5 billion.

High Ethereum network gas prices reduced the number of active wallets across nearly all categories. On average, the daily active wallet count in August fell by 6%.

The steepest decline occurred in the “Gambling and high-risk” category. Daily activity fell by more than half—from 6,700 to 2,393 active wallets.

The price of the Ethereum token at the end of August rose to $433, the highest level in 2020. In the first week of September, the cryptocurrency continued to rise and reached $470.

Ethereum’s market capitalization rose mainly thanks to DeFi apps and DEXs. According to DappRadar, total value locked in the DeFi ecosystem rose by $3.61 billion to $7.5 billion by the end of August.

This growth was driven by the rise in token price and growing interest in DEXs such as Aave, Uniswap and Curve.

Earlier ForkLog reported that last month transaction fees accounted for 40% of revenue Ethereum miners.

Total value of transactions across the Bitcoin and Ethereum blockchains in the same period rose by 38.3%, reaching $125 billion.

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